Co-in-vest

Problem with micro-insurace for women in Indonesia 2
How co-in-vest works
Problem with micro-insurace for women in Indonesia 1
Co-in-vest
Problem with coin cash
UI UX for Buyer
UI UX for Buyer 2
UI UX Point of Sales
UI UX Point of Sales 2

Inspiration

PROBLEM 1 : Along with 4.0 Industrial Revolution nowadays there are a lot of technologies that were designed to help MSME to maximize their potential. From fin-tech apps that enables lending to the unbanked to PoS apps for MSME, all of these claimed to be the perfect solution for MSME to gain access to financial technology.

Unfortunately, in reality, technology literacy still acts as a barrier in delivering these apps value for MSME and the unbanked. According to a study by LIRNEasia, 61 percent of Indonesian respondents in rural areas are not technology literate. Most of the app users from rural areas have low customer lifetime value, based on our quick survey in 31 respondents, average MSME owners only used these apps for about 2 months, most of them said that they don't have time to learn how to use the apps and the apps' interaction was too complicated for them to understand. This condition makes a lot of startups that help MSME used agents to assist their customers to use the product, but that scenario makes MSME dependent with the agents, and employing a lot of agents means more cost.

PROBLEM 2 : Low public knowledge of insurance products and services is also accompanied by low utilization of insurance products and services. At the end of 2019, only 9.6% of Indonesians were registered as participants in microinsurance. There is a significant “protection gap” when it comes to insurance products for women. The adoption of microinsurance in Indonesia is still low due to the low availability of distribution channels when compared to Bangladesh, China, India, the Philippines. Women need for microinsurance products has not been fulfilled due to the low availability of distribution channels and the public's perception of complex and expensive purchasing schemes. The potential market size of Women Insurance is 1,7 Trillion USD in 2030.

PROBLEM 3 : 6% women use cash more often than men when making payments on a global scale. Coin cash tends to: a) easy to lose, b) Often the monetary value is ignored, c) Neglected and thrown away.

What it does

THE CO-IN-VEST APP : Co-in-vest is an application that converts coin cash into a digital balance that can be used for microinsurance purchases to increase protection and microinsurance adoption for women. Main features : • Insurance services through the concept of saving “painless buying, saving, and investing” • Provide personalized products for women that are tailored to the risk of illness & accidents that may occur in their lifestage • Can be used anytime and anywhere because the entire insurance purchase cycle can be used directly through the application & no need to meet a sales agent • Can review and select various types of microinsurance from various insurance provider partners

THE CO-IN-VEST POINT OF SALES APP : Co-in-vest PoS is different than any other PoS. If other PoS uses a lot of buttons and numbers to display their interface to users. Our PoS enables users to operate the PoS without a lot of buttons to be pressed. Here's a few use case example : • Take a picture to add a product inside their SKU automatically. • Scan a product to check it out. • Ask for specific functions using customized NLP & voice recognition, for example : asking to display monthly recap by saying "njaluk laporan minggu iki" • And other features we will be presenting at the demo day! Using these simpler and aligned interactions, we believe that MSME will be able to operate it by themselves and create a sustainable and impactful solution for MSME to grow. By winning the heart of MSME to use Co-in-vest PoS, we will be able to create a gate for MSME to access modern financial product, Co-in-vest PoS could connect with cashback platform, modern payment gateways and even loan providers using APIs, and the opportunities are limitless.

How I built it

SOLUTION : Co-in-vest is an application that converts coin cash into a digital balance that can be used for microinsurance purchases to increase protection and microinsurance adoption for women. We are leveraging on women's shopping behavior, we are bringing microinsurance closer and more affordable to consumers. Co-in-vest is an android-based application that is able to increase microinsurance adoption by increasing distribution channels

Challenges I ran into

Accomplishments that I'm proud of

We have surveyed about 53 housewives, 13 shops, 9 MSME, and 23 business woman => They embraced co-in-vest and have the desire to use co-in-vest to start protecting their family from coin cash